Public Company

A public company is a company with public ownership and has shares that trade on a public market. Because it is public it is required to meet the Securities and Exchange Commission‘s strict filing requirements for public companies. A public company’s shares typically are initially issued through an initial public offering (IPO) and any following issuances typically are done by a follow-on public offering.

The Securities Exchange Act of 1934, also known as the Exchange Act of 1934 or the 1934 Act, authorized the formation of the Securities and Exchange Commission (SEC) to regulate the aftermarket for securities through regulation of the securities themselves, markets, and financial professionals.

In a term sheet, there is commonly a requirement for temporary exclusivity that requires one or both parties to negotiate exclusively with the other for a limited time or under certain conditions so that the investment of resources and time into due diligence and negotiations intended to finalize the agreement does not get interrupted or wasted because of an interloping offer.

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